Awarded by the CIM Financial Aid Committee on the basis of both demonstrated financial need and merit. There is no special application for individual scholarships.

Renewed at the same dollar amount each year for the normal duration of the program of study provided the student has a minimum 3.0 cumulative grade point average (award is reduced $500 each semester GPA is below 3.0); maintains satisfactory academic and artistic progress; and submits a CIM Renewal Aid form, tuition deposit each year by February 1 (renewal FAFSA is due by March 1 for U.S. citizens and Permanent Residents). For enrollment that exceeds the normal timeframe to complete a program, Dean approval is required to extend the scholarship, and requires a formal appeal by the student.

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Awarded institutionally to students in exchange for work responsibilities within CIM. These awards are extremely limited and are only eligible to students in specific majors (Collaborative Piano, Orchestral Conducting and Conducting).

Service Awards and Fellowships are applied to the student tuition account as soon as the student is on payroll (has submitted appropriate new hire tax forms). The amount awarded is the Gross pay amount. The Net pay, after tax withholding, is what will be posted as a credit to the student tuition account. This is taxable income and the student will receive a W-2 at year-end for tax return purposes.

If the student does not have a U.S. Social Security Number, one must be applied for upon arrival at CIM. You are expected to arrange a satisfactory work schedule with your supervisor to fulfill the requirements of the award. All required new hire paperwork (and SSN application, if necessary) must be completed within the first two weeks of classes or the award(s) will be reduced by prorating award to eligible remaining weeks of study in the semester.

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CIM Institutional Work Study (CIMWS) is a limited, need-based program that provides on-campus jobs for international students. Most jobs are in CIM Offices or are Community Service related.

If awarded, a WS Application and Contract is required. WS awards are not applied to the student tuition account. Instead, these funds are paid to students on a semi-monthly basis via payroll as they submit their hours worked and have been approved by the supervisor. Before a student may begin a WS job, all new hire tax forms must be on file with the Payroll Manager in the Business Office.

This is taxable income and the student will receive a W-2 at year-end for tax return purposes. If the student does not have a US Social Security Number, one must be applied for upon arrival at CIM. There is no guarantee that award amount will be earned.

See workstudy job descriptions.

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Very limited and offered only to international students (as they are not eligible for Federal aid) on the basis of demonstrated financial need and merit.

Repayment of these loans begins 12 months after the student leaves CIM or is no longer at least half-time enrolled, and continues over a five-year period. These loans require a Promissory Note and a co-signer. Interest rate on CIM Loans is 7%.

Loan amounts typically range from $1,000 to $2,000 per year. Repayment of this loan program is serviced by Campus Partners (www.campuspartners.com). There are no origination fees for this loan. Loan borrowers have the right to cancel or reduce the amount of their loans within 14 calendar days of the date the loan funds are credited to their student account.

Borrowers that wish to cancel or reduce their loans must submit a written request within the 14 day period to the Financial Aid Office at CIM. If the Loan funds have been applied to current student account charges due, the borrower must make arrangements to pay CIM the amount applied toward charges before funds may be returned. After the 14-day period has expired, any cancellation or reduction of loans takes place directly between the borrower and the loan servicer, Campus Partners.

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While not really financial aid, the CIM Payment Plan is another option to help you pay your tuition and fees. CIM has an in-house interest-free plan for you to spread out payment of your annual fees to CIM each semester. There is a $25 fee per semester to enroll. You may use our payment plan by itself, or as a supplement to other financial aid you may receive. Payment plan details are sent with tuition bills and are administered by the CIM Business Office (216-791-5000, ext. 223).

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Pell is a need-based Federal award that does not have to be repaid. Eligibility and award amount is determined by the U.S. Department of Education to eligible first time bachelor degree students. Eligibility is strictly based on the 10-11 FAFSA results. For 10-11, the expected annual award amounts for eligible students will range from $1,176 to $5,5500. The higher the FAFSA EFC (Expected Family Contribution), the lower the Pell Grant. 11-12 Pell Grant figures are not yet available.

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Does not have to be repaid. This a need-based Campus Based Federal grant administered by CIM. Priority is given to students eligible for the Federal Pell Grant. Funding is extremely limited for this award.

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Encourages community service work as well as employment within CIM. You are paid by the hour on a semi-monthly basis via paychecks or direct deposit. Work Study does NOT get credited towards your tuition bill. You only get paid if you work. Jobs are secured by students during the Job Fair held during the first week of classes in the fall and a list of any remaining open jobs is posted on the Financial Aid Bulletin board year-round. These awards are taxable income subject to withholding and require a U.S. Social Security number and applicable tax/new hire forms.

See workstudy job descriptions.

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Stafford Loans may be subsidized and/or unsubsidized. Subsidized loans are need-based, unsubsidized loans are not.

Subsidized means the Federal government pays the interest while the student is enrolled at least half time, and during the six-month grace period after the student graduates or ceases to be enrolled at least half-time. Unsubsidized requires the borrower to be responsible for interest that accrues from the time the funds are disbursed.

The interest rate may vary annually, but caps at 8.25%. Repayment of the loan begins six months after graduation or the student ceases to be enrolled at least half-time. Eligibility is determined by need analysis from FAFSA results.

Loans are made directly through CIM. Generally, CIM packages these loans to all eligible students. If you wish to decline or reduce the amount of the loan, students have that option when accepting or declining their aid offer on NetPartner in the spring. Loans may also be reduced or canceled any time up to 14 days after a disbursement has been made. Entrance Counseling and a completed Master Promissory Note are required prior to disbursement the first year receiving this loan.

Origination fees are associated with this loan. For 2011-12, the fee is 1.0% of loan amount, but is offset by a 0.5% rebate (which assumes on-time payments when repayment begins). For 2011-12 the in-school, grace and deferment interest rate is a fixed 3.4% for undergraduate subsidized Stafford loans and 6.8% for unsubsidized undergraduate and all graduate Stafford loans.

For 2012-13, the interest rate will be 6.8% for ALL Stafford Loans, both Subsidized and Unsubsidized, undergraduate and graduate, and there will be no up front rebate. The origination fee for Stafford Loans will be 1% of the borrowed loan amount. Also, there will be no Subsidized Stafford Loan eligibility for graduate students - the full annual amount will be Unsubsidized.

Loan borrowers have the right to cancel or reduce the amount of their loans within 14 calendar days of the date the loan funds are credited (disbursed) to their student account and have any associated origination fees reversed. Borrowers who wish to cancel or reduce their loans must submit a written request within the 14-day period to the Financial Aid Office at CIM. After the 14-day period has expired, any cancellation or reduction of loans takes place directly between the borrower and the loan servicer, and lender origination fees are not reversed.

See this PDF for details on Stafford Loan limits.

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This is a revolving fund loan and new loans can only be made based on available funds from repayments from prior borrowers. CIM's participation with this loan program for 12-13 will be reviewed in the spring of 2012.

Available to students with demonstrated financial need, through limited Federal funding administered by CIM. The interest rate on the Perkins Loan is a fixed rate of 5%. Interest accrual and repayment begins nine months after graduation (or after the student ceases to be enrolled at least half-time).

The Perkins Master Promissory Note and Perkins Entrance Counseling are required before the loan may be disbursed to the student's account. Repayment of this loan program at CIM is serviced by Campus Partners. Funding is limited and may vary year to year, based on FAFSA results. There are no origination fees for this loan. Maximum annual awards are $5,500 for undergraduates and $8,000 for graduate students, although CIM rarely awards these maximums, due to limited funding. Maximum aggregate (lifetime) Perkins Loans are $27,500 for undergraduates and $60,000 graduates (includes Perkins borrowed as undergraduate).

Loan borrowers have the right to cancel or reduce the amount of their loans within 14 calendar days of the date the loan funds are credited (disbursed) to their student account. Borrowers that wish to cancel or reduce their loans must submit a written request within the 14-day period to the Financial Aid Office at CIM. If the Loan funds have been applied to current student account charges due, the borrower must make arrangements to pay CIM the amount applied toward charges before funds may be returned. After the 14-day period has expired, any cancellation or reduction of loans takes place directly between the borrower and the loan servicer, Campus Partners.

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Students' parents can borrow a PLUS Loan to help pay students' education expenses if the student is a dependent undergraduate student enrolled at least half-time in an eligible program at an eligible school. CIM is a Direct Loan school, so all PLUS loans are done through the William D. Ford Federal Direct Loan (Direct Loan) Program.

For a Parent PLUS Loan, parents submit a Direct PLUS Loan application via www.studentloans.gov. If approved, the parent must complete a PLUS Loan Master Promissory Note (MPN) at that same site prior to the first disbursement. If the parent does not obtain credit approval, he/she may still be able to receive a loan by adding a credit-worthy endorser. An endorser promises to repay the loan if your parent fails to do so. Or if denied credit, the student would become eligible for additional Unsubsidized Stafford ($4000 annually; $5000 if Jr or Sr.)

The yearly limit on a PLUS Loan is equal to the cost of attendance minus any other financial aid received. For PLUS Loans disbursed on or after July 1, 2006, the interest rate is fixed rate of 7.9%. For PLUS Loans disbursed between July 1, 1998 and June 30, 2006, the interest rate is variable and is determined on July 1 of every year. Interest is charged on a PLUS Loan from the date of the first disbursement until the loan is paid in full. Parents will pay a fee of up to 4% of the loan, deducted proportionately each time a loan disbursement is made. There is currently a rebate of 1.5% on this fee, so the net fee is really 2.5%. Starting with the 2012-13 academic year, there will be no rebate, so the origination fee for all PLUS Loans will be 4% of the borrowed loan amount.

Even if the Parent PLUS Loan is the only form of federal aid sought for a student, the FAFSA for that award year IS required, effective with the 11-12 award year.

Generally, the first payment is due within 60 days after the loan is fully disbursed. However, starting with loans disbursed after 7/1/08, parents my apply for an in-school deferment similar to the student deferment, so no principal payments would be required while the student is enrolled at least half-time. There is no grace period for these loans.

Loan borrowers have the right to cancel or reduce the amount of their loans within 14 calendar days of the date the loan funds are credited (disbursed) to their student account and have any associated origination fees reversed. Borrowers who wish to cancel or reduce their loans must submit a written request within the 14-day period to the Financial Aid Office at CIM. After the 14-day period has expired, any cancellation or reduction of loans takes place directly between the borrower and the loan servicer and origination fees are not reversed.

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Graduate or professional students may borrow under the PLUS Loan Program up to the cost of attendance minus other financial assistance. The terms and conditions applicable to Parent PLUS Loans also apply to Graduate/Professional PLUS loans (except there is no addition Unsub Stafford option if credit is denied). These requirements include a determination that the applicant does not have an adverse credit history, repayment beginning on the date of the last disbursement of the loan, and a fixed interest rate of 7.9% in the Direct Loan program. This loan is applied for via www.studentloans.gov and requires a PLUS Loan Master Promissory Note (MPN) and Entrance Counseling prior to the first disbursement.

Applicants for these loans are required to complete the Free Application for Federal Student Aid (FAFSA). They also must have applied for their annual loan maximum eligibility under the Federal Subsidized and Unsubsidized Stafford Loan Program before applying for a Graduate/Professional PLUS loan.

The yearly limit on a PLUS Loan is equal to the cost of attendance minus any other financial aid received. For PLUS Loans disbursed on or after July 1, 2006, the interest rate is fixed rate of 7.9%. For PLUS Loans disbursed between July 1, 1998 and June 30, 2006, the interest rate is variable and is determined on July 1 of every year. Interest is charged on a PLUS Loan from the date of the first disbursement until the loan is paid in full. Borrowers will pay a fee of up to 4% of the loan, deducted proportionately each time a loan disbursement is made. There is currently a rebate of 1.5% on this fee, so the net fee is really 2.5%. Starting with the 2012-13 academic year, there will be no rebate, so the origination fee for all PLUS Loans will be 4% of the borrowed loan amount.

Loan borrowers have the right to cancel or reduce the amount of their loans within 14 calendar days of the date the loan funds are credited (disbursed) to their student account and have any associated origination fees reversed. Borrowers who wish to cancel or reduce their loans must submit a written request within the 14-day period to the Financial Aid Office at CIM. After the 14-day period has expired, any cancellation or reduction of loans takes place directly between the borrower and the loan servicer and lender origination fees are not reversed.

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May or may not be need-based. Generally they do not reduce CIM Institutional Scholarships, but may reduce Federal Aid if an "over-award" occurs, per Federal regulations. Students are required to notify the CIM Financial Aid Office of any outside awards received.

These awards may come from high schools, religious or local organizations, parent employers, corporations, etc. Combined total aid (including outside awards) may not exceed the Cost of Attendance budget. Overawards are corrected by reducing loans, work study, FSEOG, and if still overawarded, scholarships.

There are many online search tools available to help you find outside scholarships for which you may be eligible. Also, you may want to research any possibilities in your hometown. Local businesses, foundations, civic groups, rotary clubs, religious organizations and parent employers may have scholarships for which you can apply. High school guidance counselors are also a good source of information about these awards.

If you receive any outside scholarships, we ask that you submit an "Outside Scholarship Information Form" (see our Links & Forms section) so the award may be included as a resource on your award letter, as required by law.

Here are some links for scholarship searches online:

• www.fastweb.com
• www.collegenet.com
• www.college-scholarships.com
• www.theoldschool.org
• www.scholarships.com
• www.collegequest.com
• apps.collegeboard.org
• www.petersons.com/college-search/
• www.scholarshipamerica.org
• www.nextstudent.com/scholarships/
• www.scholarshipexperts.com/
• www.brokescholar.com/
• www.collegedata.com/cs/search/scholar/
• www.finaid.org/scholarships/other.phtml

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Should you need to borrow additional funds beyond federal loan programs, you may wish to consider a private education loan. It is your responsibility to research these options to find the one best suited to your needs. Be sure to review interest rate, fees and special features. Be aware that each lender performs its own credit check and multiple checks can have an adverse effect on your credit score. You should opt for a loan that has no prepayment penalty and is deferred until graduation. Most importantly, borrow conservatively.

CIM is not affiliated with and does not endorse any particular lender. You are welcome to choose any lender of your choice. However, here is a historical list of lenders that CIM students have used in the past two academic years (10-11 & 11-12) in alphabetical order:

• Citi Assist Private Loan
• Citizens Bank TruFit Student Loan
• Discover Student Loans
• Fynanz
• Notre Dame Federal Credit Union
• PNC Bank Private Loan
• Sallie Mae Smart Option
• Union Federal Private Student Loan

All Private loan borrowers must submit a Self-Certification Form to the lender, in addition to the School Certification. Most lenders will provide this form to borrowers. However, a copy can be obtained here.

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